The strategy is to get the economy going again by reducing tax rates for corporations and the vast majority of individuals. Until that happens, the ONLY way to increase tax revenue is by increasing taxes again. It's also the best way to get wages rising again. When corporations have absolute confidence of their lowered tax bill, it allows them to make decisions about growth they couldn't make before...which in turn eventually spurs a labor shortage and higher wages. And in a lot of places, a couple that earns 250-300K is very middle class. Ask those who live in NYC, Chicago, California.
Wow, I lived in the Silicon Valley in the SF Bay Area. My wife and I both needed to work to buy a house yet we never came close to $250-300K.
The economy has been going for 3 years...... just because you don't believe it doesn't mean it isn't happening.
and also wealthy people with pass through income ( Trump and his family for example. Actually the vast majority of all pass through incomes goes to the wealthy). Rate goes from the current 39.6% to 29.6% (20% deduction on pass through income and 37% new top rate 0.8x37%=29.6%). Don’t have to pay FICA on pass through income as well.
Corporations already said they ate giving the money back to investors, not hiring more people....lol. This is a give away to the rich that the poor are paying for.
It wasn't that long ago that the bottom 25% were taxed more than the bottom 50% is currently taxed and yet we're still hearing some people spout on about the taxes they think the poor pay. The bottom 50% pay less than 3% of the income tax in the country, that's why giving that group even further tax cuts is difficult to do. You have to pay something first before you can pay less.
Seems like a a weak 2015 holiday season, those things happen. You can see the toxic president election too. I probably should have said 4 years as 3 years is pretty lumpy. Still more +% 2 growth than not. Since you're researching, lets look at unemployment rates for 4 years next, since you picked the first one!
As a liberal / moderate, I'm with you on some of the hysterics. It's too much. I do feel that some protests are certainly warranted, but maybe in 2018, we can all tone things down.
Correct. It's a lie to said this is a working class tax cut. That is the strategy - trickle down economic. More money to the top will boom the economy. History said it doesn't work. Recent history said it's a bust. Yet here we are again. We'll see if this time is any different.
I think this should be the discussion over the next six months... Democrat spokespeople, potential candidates, and everyday people attending congressional townhalls... pushing hard on the message: rich people and corporations got theirs from this tax bill... at the cost of increased deficits and entitlement cuts...
Just as the GOP ran on reversing ACA, looks like the Dems are going to run on reversing this piece of garbage. Don’t get me wrong... I am in the bracket where I will see a slight bump in my paycheck. But the bump I’ll see vs the costs that keep skyrocketing for healthcare outweigh any minuscule tax cut. The GOP is clueless about the intelligence of Americans to do basic math and have shown they are more scared of they superpac donors than they are the actual voters. Should be an interesting 2018. Kobachs voter suppression committee and the Russian efforts better be in full force cause that might be the only thing that can save the GOP from not getting blown out of office.
That doesn't work too well for the other half of Americans who don't have 401ks or stocks. Most likely that's the same cross section of America that will see crucial programs cut. You could've just wrote: FYIGM
Or if you aren't retiring in the next year or two. Any gains would likely get evened out during the next downturn. Thats why any financial person would tell you to not look at your 401k too often. You are hoping that over time you see a steady increase from what you contribute and any market gains. Paying attention to the peaks and valleys isn't healthy practice. If you are trying to justify a massive tax cut that will add 1.5 trillion in debt, AND kick 13 million off insurance (something that is not talked about enough for the implications) because of an artificial spike in 401K's then you are losing the argument. Most people look at their 401K as a retirement savings accounts that they hope can make up some ground of what they lose with Social Security when they retire. Its not a freaking jackpot slot machine.
